ANN ARBOR, Mich., Feb. 1, 2017 /PRNewswire-USNewswire/ -- From an innovative coating for joint replacements, to a promising
Over $2 million in funding has just flowed to the teams developing these concepts from the Michigan Translational Research and Commercialization for Life Sciences Innovation Hub. MTRAC, as it's known, is co-managed by the University of Michigan Medical School and Office of Research with funding from U-M and the Michigan Economic Development Corporation.
Projects from across the state were selected for funding by MTRAC's Innovation Hub team, to accelerate their paths to market, bringing them one step closer to ultimately helping patients and their families.
Finalists for the funding, including teams from U-M, Michigan State University, Michigan Technological University, Beaumont Health System, and Henry Ford Health System, presented project proposals to the MTRAC Oversight Committee at their annual meeting in downtown Ann Arbor in early January.
Those selected for funding range from an antibacterial coating for orthopedic implants to a novel nano-vaccine technology to a potential next-generation cancer therapeutic. Award amounts range from $130,000 to $260,000 per project, supporting mid-stage product development activities that are critical steps on the path to market.
To see all the project award winners, visit innovation.medicine.umich.edu/innovation-hub/project-awards
The MTRAC for Life Sciences Innovation Hub, co-managed by the U-M Medical School's Fast Forward Medical Innovation and the U-M Office of Technology Transfer, is a statewide program that supports translational research projects in life sciences — including medical devices, diagnostics, therapeutics, and health-related information technology – with high commercial potential. The $4.05 million statewide MTRAC for Life Sciences Hub was announced in mid-2016 by the MEDC after being approved by the Michigan Strategic Fund.
"As a statewide Innovation Hub, we serve life science innovators across Michigan," said Brad Martin, Ph.D. and FFMI Senior Director of Commercialization Programs. "The education, mentoring, and resources we provide help scientists take their biomedical innovations – like those we selected in this latest funding round – to market where they can do the most good."
The new hub is an extension of the previous U-M MTRAC for Life Sciences program, which launched in 2013 with $2.4 million from MEDC and additional U-M funding to create a $7.5 million fund to foster biomedical innovation and entrepreneurship as a dynamic catalyst for economic growth.
"MTRAC provides the ability to advance research into the commercial market within academic institutions, health systems, and nonprofit research centers, leveraging what was built in the first three years at U-M to a statewide model," said Denise Graves, MEDC University Relations Director. "In collaboration with FFMI, Tech Transfer, industry, the venture capital community, and other stakeholders across the state, MTRAC will help to increase the number of startups, jobs, follow-on funding and industry licenses in Michigan."
Fast Forward Medical Innovation at the University of Michigan offers resources and support to world-class biomedical researchers at the University of Michigan, and across the state. FFMI provides groundbreaking funding programs, dynamic educational offerings, and deep industry connections that help biomedical researchers navigate the road to successful innovation and commercialization, with the ultimate goal of positively impacting human health. For more information about FFMI, visit innovation.medicine.umich.edu.
U-M Tech Transfer works to enhance research discoveries, and to encourage licensing and broad deployment with existing businesses and newly-formed U-M start-ups. Tech Transfer works with researchers across campus to assess and develop promising inventions into marketing opportunities for our business and venture partners. For more information about U-M Tech Transfer, visit techtransfer.umich.edu.
MEDC's Entrepreneur and Innovation initiative establishes Michigan as the place to create and grow a business by providing high-tech start-up companies with access to a variety of critical resources, such as funding and expert counsel, from ideation to maturation. For more on MEDC Entrepreneurship & Innovation, visit michiganbusiness.org.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/over-2-million-in-funding-announced-for-biomedical-innovations-across-the-state-of-michigan-300400806.html
SOURCE University of Michigan Medical School
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